If the company is going to buy a life insurance for key employee, how to report it in payroll section if the beneficiary is employee.

Hello, info1744. 

Thank you for reaching out to the Community. Currently, the following retirement plans are supported in QuickBooks Online: SARSEP, 401(k), SIMPLE 401(k), 403(b), SIMPLE IRA, Roth 401(k), Roth 403(b).  If you want to set up SEP, I suggest reaching out to your accountant to ensure everything is properly recorded.

If you need additional information about the retirement plan deductions and contributions, as well as how to set them up, assign and remove them: Retirement plan in Online Payroll.  

Keep posted if you have any other QuickBooks concerns besides the SEP contributions. We’ll be around to help you. Take care always.